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The Heart Of The Hamptons Real Estate Market

rschlack by rschlack
February 18, 2021
in Uncategorized

Hamptons real estate is hot. Since last year we have seen an unprecedented demand for houses in the Hamptons. While oceanfront estates that sell for tens of millions of dollars capture the headlines and most of the attention, the majority of Hamptons real estate sales are in the low end of the market – $2 million and under. Andrew Saunders, President of Hamptons real estate firm Saunders & Associates, observes, “The critical mass of transactions in Hamptons real estate has always occurred in the $2 million and under segment of the market. A common misinterpretation among industry observers is that the market here is all about the headline making transactions of $20 million plus, but the real action has always been at $2 million and under. However, the transactional activity we are seeing now and since last year is unprecedented. It’s evolved into a mania, which has been precipitated by the change in the live/work paradigm that has existed for generations. The demand has resulted in a market where properties in most price categories are selling quickly at full price and above. There is a significant imbalance in the supply/demand equation that favors sellers tremendously. My advice to anyone seeking to purchase a home in the Hamptons now is to bid at the full asking price or above if you hope to acquire the target property.”

As a company, Saunders & Associates focuses on the Hamptons real estate market. Hamptons.com spoke with several agents with extensive experience in the under $2 million segment of this market about the current environment, and how they assist buyers and sellers. David Zazula is well versed in both East Hampton and Southampton, though also active in other areas. Romaine Gordon is active in the East Hampton and Amagansett area. The Oakley-Leicht Team of Patty Oakley and Brian Leicht cover an area that includes, in addition to Southampton Village south of the highway, east of the canal to East Hampton. Julie Crowley is seeing lots of activity in East Quogue, Hampton Bays, Shinnecock Hills and especially Southampton. John Brady covers a larger area than most agents – from Westhampton to Montauk – and sees activity increasing at higher price points.

All of the agents agree that the biggest problem currently is the very low inventory of homes available for sale. They have customers looking to buy a home in the Hamptons but have little to show them. David finds the best value north of Montauk Highway in East Hampton, and Romaine sees the most activity under $2 million in East Hampton’s Springs. When asked what buyers are looking for, all agree that people are looking for space for remote schooling and home offices, basement space that’s finished, finishable or for storage, a backyard with room for a garden or for kids to play. Most want a home that is move-in ready, and not necessarily in a village location.

In this fast-moving market, Romaine reports hearing of a home that sold before it was photographed, and Julie sold a condo sight unseen after the buyer viewed a Facetime showing. They all advise their customers and clients to be ready to move quickly when they find a house they want. Have financing lined up, have an attorney, try not to buy on contingency (closing being contingent on securing financing). It is essential to have a memo of sale quickly (David has his ready to email to the seller in 24 hours), and to get a signed contract.

Communication with buyers, sellers and other agents is key to successful transactions. John believes his most important job is to listen to the customer and identify their wants and needs. Buying and selling property in the Hamptons is a complex undertaking, but in the end, David says, “I have yet to meet the person who said buying their house in the Hamptons was not the best thing they ever did.”

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  • Growing Up Getty Book Publication Celebration at Canoe Place Inn

On Friday evening, July 29th  the beautifully restored Canoe Place Inn in Hampton Bays was the setting for a celebration of the publication of Growing Up Getty: The Story of America’s Most Unconventional Dynasty by James Reginato. Hamptons.com spoke with the author about his background and his new book. Mr. Reginato has a distinguished career in publishing, having been with Vanity Fair Magazine for 15 years. Previously, he served as features editor of W Magazine. @canoeplace @jamesnreginato

Read the full article at Hamptons.com (Link in Bio) #author #hamptonbays #hamptons #canoeplace
  • As Local as It Gets, Sundaes on Main Now Open

You may have noticed a new frozen yogurt shop opened on Main Street in Bridgehampton. At first glance, you think surely it must be an NYC business making a run for Hamptons customers. How wrong you would be—”Sundaes on Main” is as local as it gets. @sundaes_on_main

Read the full article at Hamptons.com (Link in Bio) #frozenyogurtshop #sundaes #sundaesonmain #bridgehampton #local #hamptons
  • Hope for Depression Research Foundation Launches ‘Week of Hope’

The Week of Hope was created by HDRF in 2018 as a kick-off to the annual Race of Hope 5K to Defeat Depression but has been on hiatus since the start of the pandemic in 2020.  The balloons will be up from July 27 through August 6th, culminating with the Race of Hope on Sunday, August 7th. Celebrity Grand Marshal Candace Bushnell will join Co-Grand Marshals Audrey Gruss and HDRF Board member and East Hampton resident Arthur Dunnam, as they lead participants around Lake Agawam at 8:30 AM. @hope_hdrf

Read the full article at Hamptons.com (Link in Bio) #weekofhope #5k #mentalhealth #hamptons
  • Brooks Pilates Takes Over August Out East

This August, for the whole month, Brooks Pilates will be at Hero Beach Club and Topping Rose in the Hamptons where Sarah will be teaching group mat classes. They are also doing partnerships with 111Skin, DKNY, OraSpace, FaceGym and Healthrover. More about events and scheduling can be found on their website.

Sarah is excited about her series on the East End and enjoying her time both on and off the mat in the Hamptons. She can’t wait to greet the Brooks Pilates clientele this August out East. She spoke more about her background, the success of her business, and what she is most looking forward to in the Hamptons. @sarahbrookspilates

Read the full article at Hamptons.com (Link in BIo) #brookspilates #sarahbrooks #pilates #montauk #hamptons #herobeachclub
  • Shell It Out Hamptons, Benefiting South Fork Sea Farmers

South Fork Sea Farmers’ 4th annual “Shell it Out” fundraiser is happening August 7, 2022 in Springs from 4pm to 6:30pm. The event features a silent auction with goods and services donated by local businesses which support the mission of South Fork Sea Farmers. Most notably, three incredible East End artists – Daniel Vernola, Aaron Warkov and Kurt Giehl – will be creating a series of pieces for the auction. @southforkseafarmers  @kurtgiehl @warkovhamptons @danielhughesvernola

Read the full article at Hamptons.com (Link in Bio) #shellitout #oysters #oysterfarming #benefit #art #community
  • Lifestyle Expert Vanessa Gordon on Wanderlust and Experiencing the East End

Vanessa Gordon is a Hampton’s lifestyle and travel expert, author, and founder/publisher of East End Taste Magazine. She also hosts The Hamptons Interactive Brunch. Her articles regularly appear in Modern Luxury Publications, the Independent Newspaper, Thrillist, and others. She has been featured in and quoted in top-tier national media outlets. She lives in Sag Harbor with her husband and two children. @vanessapgordon

Hamptons.com sat down with Vanessa to talk about travel tips, wanderlust, and The Hamptons Interactive Brunch.

Read the full article at Hamptons.com (Link in Bio) #hamptonsonline #vanessagordon #lifestyle #eastend #hamptonsinteractivebrunch #brunch
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